Statutory compliance is an essential aspect of running a business
Every business, whether small or large, has legal obligations to fulfill under the laws of the country they operate in. Statutory compliance refers to the set of rules and regulations that businesses must adhere to in order to comply with these laws. These laws can cover areas such as taxation, employment, health and safety, and environmental protection.
Statutory compliance is not just a legal requirement, but it is also important for the smooth functioning of a business. A company that is compliant with statutory regulations is perceived as trustworthy, ethical, and reliable by its customers and stakeholders. Non-compliance, on the other hand, can lead to serious consequences such as legal penalties, fines, reputational damage, and even closure of the business.
One of the most important aspects of statutory compliance is ensuring that the business meets its monthly compliance requirements. These requirements can vary depending on the nature of the business and the laws of the country it operates in. In the following table, we list some of the monthly compliance requirements that businesses need to adhere to in month of May 2023:
| Compliance Requirements | Relevant Law | Due Date |
| Payment of TCS for April 23 | Income Tax | 07/05/2023 |
| Payment of TDS for April 23 | Income Tax | 07/05/2023 |
| Submission of Form GSTR-1 for April 23 | Goods And Services Tax | 11/05/2023 |
| Submission of Form GSTR-1 IFF for April 23 | Goods And Services Tax | 13/05/2023 |
| Submission of TCS Return for the Quarter January 23 to March 23 | Income Tax | 15/05/2023 |
| Submission of Form GSTR-3B for April 23 | Goods And Services Tax | 20/05/2023 |
| Submission of Form – 11 – LLP Annual Return | LLP Act | 30/05/2023 |
| Submission of Form PAS-6 for the Quarter October 22 to March 23 | Companies Act | 30/05/2023 |
| Submission of Form 61A – SFT | Income Tax | 31/05/2023 |
| Submission of TDS Return for the Quarter January 23 to March 23 | Income Tax | 31/05/2023 |
“By ensuring that these monthly compliance requirements are met on time, businesses can avoid penalties and other legal consequences. It is important for businesses to keep track of these deadlines and take timely action to ensure compliance.”
In conclusion, statutory compliance is an essential aspect of running a business, and it is crucial to stay updated with the relevant regulations and requirements. Non-compliance can have serious consequences and can lead to legal penalties and reputational damage. By following the monthly compliance checklist and best practices, businesses can ensure that they meet their obligations on time and avoid any unwanted consequences.
If you are a business owner and need any assistance with compliance or have any questions, feel free to reach out to us at contact@rsnagpal.com. Our team of experts is always ready to help you navigate through the legal requirements and ensure that your business stays compliant.
